SoftBank shares breach Y10,000, hits 2-decade high, on record Vision Fund profit
09/02/2021 24:10
By Sam Nussey
TOKYO, Feb 9 (Reuters) - Japan's SoftBank Group Corp
9984.T shares climbed above 10,000 yen apiece on Tuesday,
hitting two-decade highs, a day after the group's Vision Fund
unit reported record profits as portfolio company listings
accelerate.
SoftBank's shares were up 5.3% at Y9,990 at 0055 GMT having
earlier shot past Y10,000, the biggest intraday jump in two
months. On Monday SoftBank reported a bounce back in the value
of its portfolio after startups like selling platform Opendoor
OPEN.O went public. urn:newsml:reuters.com:*:nL1N2KE0B4
With equity raising running at record levels, major assets
from the Vision Fund portfolio expected to go public include
ride-hailing firms Didi and Grab. urn:newsml:reuters.com:*:nL4N2HB1SF L1N2JT0HC
The Japanese conglomerate is "effectively owner of the most
lucrative portfolio amidst an ongoing retail IPO frenzy,"
Jefferies analyst Atul Goyal wrote in a note, referring to
initial public offerings.
Frothy markets have seen the value of SoftBank's assets, or
"golden eggs" as Chief Executive Officer Masayoshi Son termed
them on Monday, climb by $21 billion to $221 billion in the six
months to end-December.
"The explosion in market liquidity over the last 9-10 months
has played a huge role and we believe SoftBank success
correlates closely with how U.S. tech trades going forward,"
Redex Research analyst Kirk Boodry wrote in a note.
(Reporting by Sam Nussey; Editing by Kenneth Maxwell)
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